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News highlights of the day: NCLT extends insolvency resolution period of Bhushan Energy

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

June 06, 2018 / 21:56 IST
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  • That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • ​​NCP president Sharad Pawar on Wednesdaysaid the RSS and BJP holding Iftar parties for Muslims is "nothing but a joke". Pawar held an Iftar party to mark the ongoing month of Ramazan at Haj House here this evening. The party was attended by prominent NCP leaders and members of the Muslim community.

    Addressing the gathering, Pawar took potshots at the RSS and BJP without naming them. (PTI)

  • BJP leader Kailash Vijayvargiya said on Wednesday, the NDA government at the Centre may "have to think of" recommending the imposition of president's rule in West Bengal if the situation in the state continues to deteriorate.

    His remark came after two people, whom the BJP claims as its workers, died in Purulia within a week, leading a verbal duel between the ruling TMC and the saffron party. The two were found hanging in the district, where the BJP fared comparatively well in panchayat polls, on May 30 and June 2. (PTI)

  • Boeing will not deliver aircraft to Iran in light of US sanctions, effectively aborting a pair of large contracts with Iranian carriers, a Boeing spokesman said on Wednesday.

    "We have not delivered any aircraft to Iran, and given we no longer have a license to sell to Iran at this time, we will not be delivering any aircraft," the Boeing spokesman said. (PTI)

  • The National Company Law Tribunal (NCLT) today extended the insolvency resolution period of the debt ridden firm Bhushan Energy Ltd by another 90 days, according to a PTI report.

    The initial period of 180 days for the corporate insolvency resolution process of Bhushan Energy will end in the first week of July, and it had approached NCLT seeking extension.

    The principal bench of NCLT headed by President MM Kumar allowed the extension of insolvency resolution period for Bhushan Energy Ltd beyond 180 days.

    Under the Insolvency and Bankruptcy Code (IBC), NCLT has powers to extend the insolvency resolution period if the Committee of Creditors (CoC) and Resolution Professional (RP) of the debt ridden firm are unable to find a suitable buyer under 180 days.

  • The Union government today approved the continuation of the Polar Satellite Launch Vehicle and Geosynchronous Satellite Launch Vehicle Mark-IIIprogrammes, together costing more than Rs 10,000 crore, in a move that will helpISROlaunch light and heavy-weight satellites, according to aPTIreport.

    TheoperationalisationofPSLV,ISRO'smost-trusted workhorse, has made India self-reliant in launching satellites for earth observation, disaster management, navigation and space sciences.

    For heavy satellites, India is helped by the French, which launches its satellites fromKourouin French Guinea in South America.

  • Union minister Ram Vilas Paswan today questioned the opposition's "silence" on the Supreme Court order allowing reservation for scheduled castes and tribes employees in promotion, and asserted that the Modi government will also ensure that original provisions of a law against atrocities against these communities are restored.

    The Lok Janshakti Party president said opposition parties "left no stone unturned to fan protests" against the government over Dalit issues, but have now maintained silence on the "historic" judgement from the apex court yesterday.

    "Why are they silent? They should clarify if they welcome this historic decision from the court which will benefit a large number of government employees hailing from scheduled castes and tribes," Paswan said. (PTI)

  • BJP national president Amit Shah and Maharashtra chief minister Devendra Fadnavis have reached Shiv Sena chief Uddhav Thackeray’s residence in Mumbai.

    Shah isreaching out to BJP's allies, including Shiv Sena and Shiromani Akali Dal (SAD) to keep the National Democratic Alliance (NDA) intactahead of the 2019 general election.

  • All NRI marriages solemnised in India would have to be registered within 48 hours, Union Minister of Women and Child Development Maneka Gandhi said today.

    As of now, there is no time frame to register marriages in India. However, a Law Commission report has recommended that the time limit to register marriages should be restricted to 30 days after which a penalty of Rs 5 per day could be imposed.

    "NRI marriages have to be registered within 48 hours, else the passport and visas would not be issued," Gandhi said, adding that the WCD Ministry is in the process of issuing orders to the registrars that details of such marriages should be provided to it so that a central database can be maintained. (PTI)


  • France, Britain, Germany and the EU today sent the United States a joint official request for their companies to be exempt from punitive measures resulting from fresh US sanctions on Iran.The plea comes as European leaders scramble to save the hard-fought deal signed between Iran and world powers in 2015 under which Tehran agreed to limits on its nuclear capacities in exchange for relief from crippling economic sanctions.


  • India's plastic exports grew by 17.1 percent to USD 8.85 billion during the year 2017-18, against the previous financial year boosted by higher
    shipment of raw materials and value-added products. Plastic exports stood at USD 7.56 billion in 2016-17, according to data by Plastics Export Promotion
    Council (Plexconcil) sponsored by the commerce ministry.


  • Attacking Congress President Rahul Gandhi for his speech in Madhya Pradesh today, senior BJP leader Arun Jaitley wondered 'how much does he know? when will he know?'. "Every time I listen to the view of Shri Rahul Gandhi, both inside and outside Parliament, I ask myself the same question. How much does he know? When will he know?", Jaitley said in a Facebook post in response to Gandhi's speech in Mandsaur earlier in the day.


  • The Organisation of Pharmaceutical Producers of India (Oppi) today called for adopting global quality standards and bring all stakeholders like regulators, industry and governments to work jointly towards the growth of the sector.

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